WASHINGTON - U.S. Rep. Bill Pascrell, Jr. (D-NJ-8), a member of the House Ways and Means Committee and House Budget Committee, today announced that the Obama Administration declared support of the Senate version of the Bring Jobs Home Act, legislation that Pascrell reintroduced in the House today. The Bring Jobs Home Act will cut taxes for U.S. companies that move jobs and business operations to America from another country. The initiative will also end tax loopholes that reward companies that ship jobs overseas.
"I'm proud that today the President announced his support for my bill, Bring Jobs Home Act. There is no doubt that we should be helping companies that are bringing jobs back home, and stopping the corporate welfare for outsourcing," said Pascrell. "The Tea Party Republicans have not only failed to present any type of jobs agenda, but they also aren't even trying to stop the one quarter of all American jobs that are at risk of being outsourced, according to new reports. Congress needs to act to reverse the flow of jobs abroad to make sure we create jobs right here at home. I strongly encourage the Senate to pass this bill when it comes to vote."
Attached below is a letter from the Obama Administration announcing support for the Bring Jobs Home Act:
EXECUTIVE OFFICE OF THE PRESIDENT
OFFICE OF MANAGEMENT AND BUDGET
WASHINGTON, D.C. 20503
July 18, 2012
STATEMENT OF ADMINISTRATION POLICY
S. 3364 – Bring Jobs Home Act
(Sen. Stabenow, D-MI, and 13 cosponsors)
The Administration strongly supports Senate passage of S. 3364, a bill that would encourage companies to invest in the United States and bring jobs back while preventing companies from receiving tax breaks for shipping jobs overseas.
The Nation's tax code does too little to encourage job creation and investment in the United States while allowing firms to benefit from incentives to locate production and jobs overseas. This bill can help attract and keep jobs in the United States by providing a 20 percent general business tax credit for eligible expenditures associated with bringing jobs back, which is paid for by preventing firms from receiving tax breaks for deducting expenses associated with outsourcing.
Senate passage of this bill is consistent with the Administration's commitment to support economic growth, job creation, and business investment in the United States, and serves to discourage outsourcing in all sectors of the economy, but particularly in our manufacturing sector. Following a decade in which the United States lost over 5 million manufacturing jobs, the Nation has begun to make progress. Over the past 28 months, the U.S. manufacturing sector has added roughly 500,000 new jobs, the fastest pace of manufacturing job growth since 1995. Instead of rewarding firms for shifting production and jobs overseas, the tax code should strengthen the domestic manufacturing sector, support job growth and innovation, and encourage companies from all sectors of the economy to invest in the United States.
The Administration looks forward to working with the Congress to encourage companies to invest in America and bring jobs home.